Economics of Place

“You don’t need 20% down to buy a home—you can do it with as little as 3%.”

It’s the kind of statement that makes people pause. It cuts through assumptions, resets the conversation, and invites a follow-up question. It’s also exactly how Agricultural and Resource Economics Alumnus Mark Fleming approaches economics: start with something familiar, challenge what people think they know, and then explain what’s really going on.

Fleming graduated from the University of Maryland with a Master's and a Ph.D. in Agricultural and Resource Economics and holds a bachelor's in economics from Swarthmore College. Today, he serves as Chief Economist at First American Financial Corporation, where he analyzes and forecasts trends in housing and mortgage markets and helps guide business strategy in an industry that touches nearly everyone. But the story of how he got there is less about landing a predefined job and more about learning how to build one—and how to explain it to the rest of us along the way.

“I liked math. I liked physics,” Fleming recalled of his early academic interests. “I liked the black-and-whiteness of those disciplines.” The rigor appealed to him, but the work felt detached from everyday life. That changed when he took an introductory economics course. “It was intuitive,” he said. “More importantly, it was the study of our everyday lives. Economics became a lens for how people make decisions all day long.”

That lens initially pulled him toward environmental economics and the idea of applying theory to big, global challenges. Graduate school at Maryland offered that opportunity—though practicality soon entered the picture. Faced with the realities of funding a PhD, Fleming took on an assistantship working with real estate data. What began as a pragmatic decision became a turning point.

“Everyone understands housing,” he said. “Everyone needs shelter. As an economist, you’re studying something people already care about.”

That realization reshaped his trajectory. His dissertation focused on real estate economics, opening the door to work in mortgage finance and property data—fields where economic theory meets lived experience. The path wasn’t always smooth. Fleming remembers an early job before graduate school, doing data entry at a large bank, logging physical checks for hours on end. “I’d look up and think, ‘What did I just do?’” he said. “That’s when I knew I needed to go back to school.”

What AREC ultimately gave him, Fleming emphasized, wasn’t a narrow specialization but a flexible foundation. “I learned three really important things,” he said. “Critical thinking, how to work with data, and how to communicate results. You need all three.” Those skills became the connective tissue of his career, allowing him to move between research, strategy, and communication without losing analytical rigor.

Over time, Fleming found himself in a role that hadn’t existed when he first entered industry. “The job didn’t exist until I had it,” he said. “I wasn’t just waiting for someone to hire me—I was creating something.” As Chief Economist, he now tracks housing cycles, supports long-term planning, and helps develop analytical and machine-learning tools that inform decision-making across the company.

Housing economics, he notes, remains widely misunderstood. “The real estate market isn’t like what you learn in Econ 101,” Fleming explained. Homes are heterogeneous, immovable, and part of a market where sellers are often also buyers. “Those dynamics matter,” he said. “They explain why house prices don’t always fall when interest rates rise.”

Despite being the largest asset class in the world, housing economics is still relatively understudied—something Fleming sees as an opportunity. “That’s a blue ocean,” he said. “If you’re willing to swim there, you can make meaningful contributions precisely because fewer people are doing it.”

One of the most unexpected turns in Fleming’s career has been how central communication has become to his work. Though now known for translating complex economic trends for broad audiences, it wasn’t something he planned. “I never thought I’d be good at it,” he admitted. Looking back, he credits experiences outside traditional economics training—oral communication classes, theater, and lots of writing—for shaping that skill.

His rule of thumb is simple and telling: “Try explaining it to your uncle at Thanksgiving,” Fleming said. “If you can do that, you’ve figured out what really matters.” That instinct—to meet people where they are without dumbing things down—has become a defining feature of how he approaches economics in public, whether he’s talking about housing affordability or debunking common myths like the 20% down payment rule.

When asked what advice he’d give students navigating their own uncertain paths, Fleming returned to curiosity. “Don’t do a PhD unless you’re passionate about learning,” he said. “The degree gives you tools. The outcome isn’t a job—it’s discovering what you can build with those tools.” Economics, he added, is uniquely flexible. “If you study economics, the world becomes your oyster. You don’t have to know the answer on day one.”

That commitment to making economics accessible extends beyond his day-to-day role. Fleming is also a co-host of The REconomy Podcast, where he brings the same clarity and curiosity to conversations about housing, markets, and economic trends. For readers who want to hear these ideas in action, the podcast’s holiday episodes offer an approachable—and timely—entry point, blending real economic insight with a lighter seasonal lens.

For AREC students and alumni alike, Fleming’s story is a reminder that careers aren’t always found. Sometimes, they’re built—starting with a surprising fact, shaped by strong fundamentals, and carried forward by the ability to explain why it all matters.